So who’s going to have the cash and capacity to spend on Apple’s latest array of smartphones, watches and wearables? Prices are the real unknown going into the Wednesday afternoon event, some observers noted.
When Apple unveiled the iPhone 13 last September, inflation was hot — but as consumers and investors await the iPhone 14 lineup, they have been sweating through even hotter inflation.
When Apple unveiled the iPhone 13 last September, federal government inflation data showed a 5.4% year-over-year increase. As of July, it’s up 8.5% year over year — a cooler than expected number, helped by declining gas prices. That’s people in households with annual income ranges of $48,000 to $89,999 and above $90,000 — presumably prime demographics for the latest Apple gear. They, analysts say, are Apple’s AAPL, +0.54% prime customers for its pricier wares.
Cutting back on spending, or buying only the essentials are the top ways of combatting inflation, Gallup said. One quarter said they are spending less, while second place was a tie between less vacationing and less driving, at 17%. Which brings it back to the iPhone, the Apple watch and anything else Apple CEO Tim Cook has up his sleeve during Wednesday’s iPhone event at the company’s headquarters in Cupertino, Calif. at 10 a.m. PST or 1 p.m. EST.
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